The post XRP News: Ripple’s Big Break! DFSA Approves Operations in Dubai! appeared first on Coinpedia Fintech News
San Francisco-based blockchain company Ripple has secured in-principle approval from the Dubai Financial Services Authority (DFSA), to operate as an end-to-end payment services provider in the United Arab Emirates (UAE). This exciting news positions Ripple to grow its cross-border payment solutions in a key financial hub. But Will this news affect Ripple native token XRP price?
Ripple Secure DFSA Approval
Ripple, a leader in digital payments, has reached another major milestone, with the DFSA’s approval, Ripple will roll out its advanced digital asset services across the United Arab Emirates (UAE). This means businesses can now enjoy faster and cheaper cross-border payments.
We’re delighted to have secured in-principle approval of a financial services license from Dubai Financial Services Authority, unlocking our end-to-end managed payments services in the UAE. https://t.co/4zq8YPlgaG
— Ripple (@Ripple) October 1, 2024
This approval allows Ripple to enhance its operations in the Middle East by rolling out Ripple Payments Direct (RPD) and other services through the Dubai International Financial Centre (DIFC).
Ripple is becoming a leader in digital asset services by ensuring regulatory compliance and investing in liquidity and custody services. With over 20% of its customers in the UAE, Ripple is focused on providing efficient cross-border payment solutions.
Ripple’s Global Expansion
Ripple is committed to working with regulators around the world to promote safe and compliant blockchain use. The company holds licenses in many countries, including Singapore and New York, which helps it maintain a strong global presence. The DFSA’s approval enhances Ripple’s reputation as a trusted partner in the financial sector.
Ripple is not just expanding its services; it is also forming exciting partnerships. The company has teamed up with the DIFC Innovation Hub to boost blockchain development in the UAE. This partnership connects Ripple with over 1,000 tech firms and supports local innovations.
XRP Price Impact
Ripple’s (XRP) price rose 13.45% over the weekend, hitting a 6-month high of $0.66, while currently settled at $0.63 However, analysts suggest that this approval strengthens Ripple’s position in the market, making XRP a more attractive asset.
As Ripple continues to grow, the market response so far indicates a bullish sentiment, and if the trend continues, XRP may see even higher gains.
